Bankruptcy has a long history that goes back to Biblical times. In ancient Rome, lenders did business on a bench, or bancus, from which we get the English word “bank.” When a money-handler went out of business, their bench was symbolically broken (ruptus), as a sign of their failure. Together, the words bancus and ruptus […]
Posts By: Anthony Thompson
General Motors sent 200,000 pages of evidence to U.S. officials looking into a faulty ignition system, which may have caused 13 deaths. The National Highway Traffic Safety Administration wants to know why General Motors took more than ten years to recall the faulty systems. This occurred as the company was emerging from one of the […]
The Supreme Court has agreed to hear the case of a Wisconsin woman who filed bankruptcy in 2010. Heidi Heffron-Clark and her husband are battling a court-appointed trustee over ownership of $293,000 the 35-year-old woman inherited from an IRA account, owned by her mother. The couple claim the money should be off limit to creditors, […]
Detroit may be an example of the premise that if anything can go wrong, it will. The city became the largest municipal region to ever file for bankruptcy. Now, a large bond insurer is filing suit against the Motor City. This will set back the bankruptcy plan scheduled for Detroit. It could even completely unravel […]
Chapter 13 bankruptcy is protecting one man from city debt collectors, while municipal officials speak out against a recent court decision. In High Point, North Carolina, the city council may be hard-pressed to ever recover money owed to them by City Councilman Foster Douglas. Benjamin Kahn, a judge in the U.S. Bankruptcy court, ruled the […]
